HNA spent $40B on real estate, other companies in two years

Chinese conglomerate won’t “overpay every time”: report

New York /
Apr.April 10, 2017 10:45 AM

China’s HNA Group, which is in contract to buy the Midtown office tower at 245 Park Avenue for $2.2 billion and recently closed on the purchase of the Wildenstein mansion for a record-breaking $79.5 million, isn’t just busy buying New York real estate.

With the recent announcement that HNA plans to buy the Singapore logistics provider CWT for $1 billion, the company has inked more than $40 billion worth of deals in just over two years, the Financial Times reported.

And while some are concerned that the rapid expansion is based on lax standards, people who work closely with HNA say the company remains a disciplined buyer.

“Everyone thinks that because they are keen to buy assets abroad they will overpay every time,” one person who has worked with the company told the newspaper. “But the reality is that they are very scrupulous and overspending isn’t their thing. It’s not a Chinese thing.”

HNA considered buying Fortress Investment Group but walked away because the price was too high, three sources told the newspaper. Japan’s SoftBank later agreed to buy Fortress for $3.3 billion. [FT]Rich Bockmann 


Related Articles

arrow_forward_ios
With a cooling trade war, stocks perform well, including real estate. (Credit: iStock)

Real estate stocks push up this week as U.S.-China trade tensions ease

Real estate stocks push up this week as U.S.-China trade tensions ease
416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)

Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case

Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
Gov. Andrew Cuomo (Getty, iStock, NY State Budget)

Cuomo proposes tax credits for restaurants, income tax increases

Cuomo proposes tax credits for restaurants, income tax increases
Cindat Capital Management CEO Greg Peng and Hersha Hospitality Trust CEO Jay Shah with 51 Nassau Street (Google Maps)

7 Manhattan hotels head to auction block

7 Manhattan hotels head to auction block
Clockwise from top left: 48 Bedford Avenue in Williamsburg; 7601 4th Avenue in Bay Ridge; 55-25 58th Street in Maspeth; 42, 44 and 46 21st Street in Flatiron; 59-20 Van Doren Street in Corona (Photos via StreetEasy; Google Maps)

Mid-market investment sales off to strong start in 2021

Mid-market investment sales off to strong start in 2021
(Getty, iStock)

Flooding caused by climate change leads to mounting real estate costs

Flooding caused by climate change leads to mounting real estate costs
Mickey Rabina and 520 Fifth Ave. (Rabina, Ceruzzi Properties)

Rabina files plans for 70-story tower at beleaguered Fifth Ave site

Rabina files plans for 70-story tower at beleaguered Fifth Ave site
One New York Plaza, One Madison Avenue and 605 Third Avenue top the list of largest real estate loans. (Brookfield, Wikimedia Commons, Fisher Brothers)

These were the largest Manhattan real estate loans in December

These were the largest Manhattan real estate loans in December
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...